News: National Financial Reporting Authority(NFRA) has constituted a Technical Advisory Committee(TAC) under chairmanship of R.Narayanaswamy to aid and advise NFRA on issues related to the drafts of accounting standards and auditing standards. Facts: National Financial Reporting Authority(NFRA): It is an audit regulator constituted in 2018 by the Government of India under section 132(1) of the… Continue reading NFRA constitutes technical advisory committee
Category: Factly – Indian Economy
This category contains all Current Affairs Factly Articles for Prelims, related to the Indian economy. You can find all relevant Economy updates on this page. This page is specifically useful for UPSC Prelims exam.
World Youth Skills Day
News: Prime Minister will deliver an address to mark World Youth Skills Day. Facts: World Youth Skills Day: It has been celebrated every year on 15th July since 2014. Aim:To acknowledge and celebrate the importance of equipping young people with skills for employment, decent work and entrepreneurship. Theme: Skills for a Resilient Youth. Additional Facts:… Continue reading World Youth Skills Day
US remains India’s top trading partner in 2019-20
News: Ministry of Commerce and Industry has released the data on Bilateral trade between India-US for 2019-20. Facts: Key Takeaways: Largest Trading Partner: United States(US) has remained India’s top trading partner for the second consecutive fiscal in 2019-20. The bilateral trade between the US and India stood at $ 88.75 billion in 2019-02 as against… Continue reading US remains India’s top trading partner in 2019-20
Govt notifies draft rules for Code on Wages
News: The Labour and Employment Ministry has notified the draft Code on Wages (Central) Rules under the Code on Wages,2019. Facts: Code on wages, 2019: It has amended and consolidated laws relating to wages, bonus and related matters.The Code subsumed four labour laws – a) Payment of Wages Act,1936, b) Minimum Wages Act,1948 c) Payment… Continue reading Govt notifies draft rules for Code on Wages
India ranks 34 on real estate transparency index
News: Global Real Estate Transparency Index(GRETI) has been released by JLL and LaSalle, a global real estate services company. Facts: The index is released biennially.It ranks 99 countries and territories and 163 cities globally. Parameters: It assesses real estate market transparency based on over 200 individual indicators relating to: investment performance, market fundamentals, governance of… Continue reading India ranks 34 on real estate transparency index
Why India’s trade surplus is a warning signal
News: Reserve Bank of India(RBI) has released the data on India’s balance of payments (BoP) for Q4 of January-March 2019-20. Facts: Key Takeaways: Current account Surplus: India has managed a small current account surplus of US$ 0.6 billion (0.1%:of GDP) in Q4 of 2019-20 Reason: The surplus in the current account is largely driven by… Continue reading Why India’s trade surplus is a warning signal
Irdai committee to examine Surety Bonds for road contracts
News: Insurance Regulatory and Development Authority(IRDAI) has formed a panel under G Srinivasan to assess the suitability of the Indian insurance industry or any other sector to offer Surety Bonds for road contracts in the country. Facts: Surety Bond: It is a three-party agreement that legally binds together a principal who needs the bond, an… Continue reading Irdai committee to examine Surety Bonds for road contracts
World Bank to give $750 million funding support to MSMEs
News: The World Bank’s Board of Executive Directors has approved a $750 million MSME Emergency Response program for India. Facts: MSME Emergency Response program: It aims to support increased flow of finance into the hands of micro, small, and medium enterprises (MSMEs) which are severely impacted by the COVID-19 crisis. Impact: It will address the… Continue reading World Bank to give $750 million funding support to MSMEs
RBI announces special liquidity scheme for NBFCs and HFCs through SPV
News: Reserve Bank of India(RBI) has operationalised the Rs 30,000 crore special liquidity scheme for non-banking finance companies (NBFCs) and Housing finance companies(HFCs). Facts: Aim: To improve the liquidity position of non-banking finance companies (NBFCs) and housing finance companies(HFCs). Under the scheme, a Special Purpose Vehicle (SPV) has been set up to manage a Stressed… Continue reading RBI announces special liquidity scheme for NBFCs and HFCs through SPV
Government launches 7.15% floating rate bonds
News: Union Finance Ministry has launched Floating Rate Savings Bonds 2020 (Taxable) in place of 7.75 percent Savings (Taxable) Bonds,2018 which was discontinued for subscription. Facts:
